Category: Miles

  1. It’s time to register for quarterly 5x card earning for Q3:

    – Chase Freedom: Gas, EV charging, live entertainment, and instacart
    – Discover IT: Gas
    – Citi Dividend: Gas and home improvement
    – US Bank Cash+: I choose electronics stores and grocery

    I’d recommend knocking all of these out in the first week of July so you don’t have to think about it for the rest of the quarter.
  2. Staples has fee free $200 Mastercard gift cards through Saturday, limit nine per transaction.

    These are Pathward gift cards.
  3. American Express offers has a targeted offer for: 3-5x at gas stations with Delta cards, up to 5,000 bonus SkyMiles. There’s a speedy way to knock this one out.
  4. Chase Ultimate Rewards has a 65% transfer bonus to Marriott Bonvoy through June 30. Also because it’s Marriott, they’ve pre-Bonvoyed you by lowering the bonus to 50% between July 1 and August 15.

    There’s a slightly interesting play for converting Ultimate Rewards into difficult to earn airline programs like Lufthansa Miles&More (EDIT: Gary reminded me that Lufthansa Miles&More is no longer part of the program), which has a transfer ratio from Ultimate Rewards through Bonvoy of 1:0.687 in 25,000 mile increments.
  5. The Citi Shop Your Way Rewards Mastercard sent new mid-month spending offers for online spend:

    – $100 statement credit with $1,000+
    – $75 statement credit with $750+

    (Thanks to Dave 37 and K)
  6. It’s time for a new churning drinking game: Now that we’re less than two weeks away from American Express Membership Rewards being able to be transferred to Hawaiian, we’ll be bombarded by blog posts, reddit comments, FlyerTalk comments, and group chats about transferring to Hawaiian (and thus Alaska) while you still can. Two things:

    – If you’re going to do a transfer, just knock it out now so you don’t have to think about it later
    – Every time you see one of these articles, take a shot of your favorite beverage

    The churner who finds the most articles and comments about the “partnership ending” and “last chance” gets a prize!

Happy Tuesday!

A churner passes out after reading RSS feeds for 17 minutes while playing the new drinking game.

  1. The Wyndham Rewards personal and business credit cards have a promotion for 10x rewards at Sunoco gas stations through August 31. There are Sunocos that sell Swedish Fish monster packs for $506.95 too. (Thanks to FM)
  2. Blit’s 200% transfer bonus for Gold and Platinum members to Accor ALL on Sunday is a backdoor transfer bonus to other programs that integrate with Accor too. For example, with Sunday’s 1:2 transfer ratio:

    – 1,000 Bilt → 2,000 Accor → 2,500 Qantas Frequent Flyer
    – 1,000 Bilt →2,000 Accor → 2,000 AirFrance / KLM FlyingBlue
    – 1,000 Bilt →2,000 Accor → 1,250 ITA Airways Volare

    Honestly, some of those rates are so fetch, or at least Chad says they are. (Thanks to Alec for letting me know about the Qantas angle)
  3. American Express Offers has an offer for a $250 statement credit with $1,250+ at Qantas Airways for flights booked by July 4 originating in the US.
  4. Breeze Airways has a promotion for 44% off of base fares with code BIRTHDAY for travel booked by Friday and flown between June 11 and January 6, 2026. There are blackout dates around when you’d expect them.

    It’s been a while since we’ve played a round of the Breeze Route Dartboard Bingo™, so let’s call another route: Wilkes-Barre, PA – Fort Meyers, FL, or AVP-RSW for the ICAO geeks out there! If you’ve made a bingo, reach out for a 44% off of base fares promotional code on any Breeze route, including this one.

Have a nice Wednesday!

Spending $506.95 for a Swedish Fish shows that inflation’s already hit Big Gummy.

  1. Southwest has a fare sale for paid and award travel between April 22 and August 27 with promo code TAKE30. There are some blackout dates, and the blackout dates seem more city specific than the terms and conditions suggest.

    Tickets booked before May 28 still get free checked bags and no change fees, and a small bright spot is that the variable Rapid Rewards redemption rates are more favorable on the flights eligible for the promo code too. For some bad analysis redemption values, compare the pre-sale cash price to the post-sale award price and marvel at how your math approaches TPG valuations.
  2. Chase’s Q2 2025 Pay Yourself Back categories for Sapphire cards are: gas, grocery (but not Walmart or Target, and probably not Han’s Deli either), pet supply and vets, charities, and annual membership fees. Charities pay a +25% bigger boost, and redemptions continue to be uncapped.

    They have co-brand card Pay Yourself Back on Marriott Bold, United, Southwest, and Aeroplan with relatively small limits, but the cashout typically only makes sense on Marriott Bold or Aeroplan.
  3. AirCanada Aeroplan has opened registration for a promotion for 3,000 bonus points on a one-way booking, or 6,000 bonus points on a round-trip booking made by April 13 for travel through December 15.

    News outlets have been parroting a 75% drop in bookings between the US and Canada since the trade war started which is likely extremely exaggerated due to flawed study methodology and sample bias. The real number may be closer to 10-20%, but either way it’s bad. I expect this promotion will be copied in spirit by US Airlines relatively soon.
  4. JetBlue and Icelandair have a new partnership, so I guess you can choose between poor redemption values from TrueBlue and poor (future) redemption values from Southwest Rapid Rewards.
  5. American Express Membership Rewards has a 20% transfer bonus to Etihad Guest and a 20% transfer bonus to AeroMexico ClubPremier. The former is a great backdoor way into short-haul AA travel.
  6. Chase Ultimate Rewards has an 80% transfer bonus to IHG through April 30, making it a 1,000:1,800 transfer ratio. In general you can do better by other booking games, but there are use cases where IHG points bookings have outsized value.

Deriving TPG point valuations.

  1. American Express has targeted more accounts with a bonus of 20,000 Membership Rewards for enabling Pay over Time on its charge cards. A few notes:

    – Set a reminder to disable Pay over Time after 121 days to be eligible to be retargeted
    – If multiple cards are targeted, activate quick on all of them

    What happens if you turn off Pay over Time before then? To the penalty box! (Maybe)
  2. American Express has a Q2 referrer bonus for 5x earning on up to $25,000 spend in travel and transit for three months in addition to the 15,000-35,000 Membership Rewards the referrer typically gets.

    The offers available to the referred haven’t changed, but referring to a business card that you close quickly without hitting a sign-up bonus is one way to play the game. (Thanks to mra101485)
  3. Kroger has fee-free virtual Visa and Mastercard $100 gift cards online with promo code NOFEEMADNESS through tonight, and these will earn Kroger fuel points too. This also marks the first time that I’ve seen Mastercards sold at Kroger.com since they transitioned from US Bank to BlackHawk Network for gift card fulfillment.

    These are Pathward gift cards.
  4. Chase’s Sapphire Reserve used to earn 10x points on all Lyft purchases, now that drops to 5x through September 30, 2027 which matches the earn on Inks and the Sapphire Preferred. There’s a new monthly credit of $10 towards Lyft rides for the Sapphire Reserve only through the same time period.
  5. As of today Fiji Airlines award tickets can be booked with AA AAdvantage miles joins oneWorld and uses AA as its currency for dynamic awards. On average, that probably means today is the best day for redemption availability, so I guess there’s no time like the present eh?

April Fool’s day is every day but April 1 at MEAB, so here’s a boring image as your feed cleanser for the rest of the day’s onslaught.

  1. Do this now: Make any Hyatt award bookings today that fit your schedule before the award chart is retooled tomorrow and lots of hotels go up in redemption cost. Most award bookings have great cancelation policies, so even speculative bookings probably make sense.
  2. Turkish Airlines and Hilton have a promotion (registration required) for 1,000 bonus Turkish miles for stays through June 30, provided you set Turkish as your preferred travel partner in your Hilton profile. For new Hilton accounts, you earn 1,000 Turkish miles for each stay, but for existing Hilton accounts can you only earn the bonus once.
  3. The Chase IHG Premier Business card has an increased tiered sign-up bonus:

    – 140,000 points after $4,000 spend in three months
    – 60,000 points after $9,000 spend in six months

    The $99 annual fee is not waived for the first year.
  4. The Barclays Aviator Red Card has an increased sign-up bonus of 70,000 AAdvantage miles after making a single purchase and paying the $95 annual fee.

    The best ongoing use case for this card used to be converting it to an AAdvantage Silver after a year, but because Citi will be the exclusive card issuer in 2026, that ship has probably sailed for new applicants. Instead, the best use beyond the sign-up bonus is probably to get a higher (or initial) credit line at Citi after the takeover.
  5. The Chase Sapphire Preferred (100,000 Ultimate Rewards), United Explorer (80,000 MileagePlus miles), and United Business (150,000 MileagePlus miles) cards’ increased sign-up bonuses are live today.
  6. Staples has fee-free $200 Mastercards through Saturday, limit nine per transaction.

    These are Pathward gift cards.
  7. Since it’s launch in 2021, I’ve thought the Chase United Quest Card was stupid, but it just keeps getting stupider and I’m convinced the product development team for the card lives in an alternate plane of existence. The annual fee has increased to $350, and there are new stupid credits to, uh, justify (?) the stupid increase:

    – $5 monthly Instacart credit, plus $10 one time Instacart credit
    – $150 in credits at stupid Renowned Hotels and Resorts
    – $8 in monthly rideshare credits, except in December when it’s $12
    – $150 in stupid JSX purchases
    – Small TravelBank credits for your first two rentals with Avis or Budget, but only using the United AWD which has generally inflated prices

    This is probably a good change for exactly three cardholders on the planet, and bravo to you if you’re one of them.

An amusement park in the United Quest Card team’s alternate plane of existence.

If you search Perplexity for “What are American Airlines miles worth?”, you may get a range of numbers from 1.0 cents each to 2.5 cents each and a lot of hallucinated reasoning behind those numbers too. If you repeat the search, you’ll probably get a different result. Valuing miles is hard, even for AI. So, often we revert to one of the hobby’s normal methods:

  • A mile is worth the value of selling it on the grey market
  • A mileage redemption is worth the cash that you would have paid without the miles
  • A mileage redemption is worth the cash price that the ticket or property is listed for
  • A mile is worth 1.0 cents, because most programs let you redeem at that level
    A mile is worth your opportunity cost for acquiring it

Those are all fine and good, but sometimes you need a legally defensible valuation for a mile as part of a settlement, tax action, corporate valuation, or similar rigorous process, and the above answers typically won’t cut it because of logical holes big enough to fly an A380 through. Also, judges in particular hate it when you’ve got a hand-waivey answer with variability left up to the eye of the beholder. So, let’s reintroduce a mileage valuation that’s easily defensible:

  • A mile is worth what the program will sell it to you for

Right now, I can buy 10,000 AA miles for $338.63, so for the purposes of a legally defensible valuation for miles, AA miles are worth 3.3863 cents each.

Happy Wednesday!

Yes, there’s another common way to determine mileage value.

  1. Hyatt released its category changes scheduled to take effect on March 25. Many more properties are going up in category than going down so make speculative bookings for future travel now, especially if that travel includes Japan.
  2. It’s time for a semi-regular Pepper update:

    – Pepper is regularly selling Walmart and other high value cards with 30% back in coins
    – Amazon’s “partnership” with Pepper no longer allows card purchases, but only if you’re not special apparently

    I can’t imagine a plausible positive spin on either of these items, but I’m sure several churners buried up to their ears in Pepper coins have one. (Yes, I still have floated Pepper coins, but I’m only buried up to my ankles.)
  3. The Lufthansa Miles & More program, long a sweet spot for churners buried up to their ears in esoteric details, is moving to dynamic award prices for Lufthansa, Swiss, and Austrian tickets starting on June 15, and the base mileage cost for Premium Economy, Business, and First is going up on many routes too.

    Unlike with Pepper, I can imagine a few plausible positive spin on this: (1) You’ll be able to book flights that wouldn’t have availability under the old scheme, but probably at much higher mileage costs; and (2) economy fares will have a lower bottom. On the whole though, these changes suck.
  4. There are a few targeted generic upgrade offers for Delta Business Gold American Express card holders:

    – Gold to Platinum with 30,000 SkyMiles and a $100 statement credit after $6,000 spend in six months
    – Gold or Platinum to Reserve with 40,000 SkyMiles and a $200 statement credit after $10,000 spend in six months

    If you’re fast, or lucky, or maybe fast and lucky, you might get both back-to-back from a Business Gold. (Thanks to Bill)
  5. The Ceasar’s Rewards Visa Signature credit card includes Diamond status if you apply by March 1 and spend $5,000 within the first 90 days outside of Ceasars properties, which is extra useful if you’re a washout from a mostly defunct trademarked merry-go-round. (Special thanks to Joshua)
  6. Southwest has 30% off of base fares with promo code 30SPLASH for flights booked by tomorrow night and travel between March 18 and May 21.

    I repriced existing travel and averaged about 30% off with this promotion, which is slightly better than normal and surprisingly on brand for the promo code.

Have a nice Wednesday!

Visualization of being buried up to your ears in Pepper coins.

Yesterday’s Change

Yesterday, AirFrance and KLM’s FlyingBlue program devalued its low level awards (again). Long haul prices on KLM or AirFrance:

  • Economy: 25,000 miles each way, up from 20,000 miles
  • Premium economy: 40,000 miles each way, up from 35,000 miles
  • Business: 60,000 miles each way, up from 50,000 miles
  • La Premiere: 165,000 miles each way, up from 150,000 miles

Partner award prices went up somewhat too. The change was intentional, and in theory will also bring increased award availability on first party metal.

Devaluations Will Happen

Unfortunately, devaluations will continue over time in all programs because:

  • Inflation in consumer prices means more points earned for buying the same things with a credit card
  • Inflation in hotel and airfare prices means more points are awarded for revenue bookings
  • For airlines, CASM inflates over time, and providing an award seat costs more over time
  • For hotels, CPOR inflates over time, so providing free nights costs more over time
  • Decreasing the value of issued points lowers liabilities on a company’s balance sheet

The only way devaluations won’t happen is with regulation, but (a) that’s unlikely to come, and (b) would just cause a different type of devaluation, such as no award space released.

Protecting Yourself

To effectively shield yourself from devaluations to the extent that such a thing is possible:

  • Book awards as early as possible: Points on average are worth more now than they will be in the future, so lock in current pricing when you can
  • Book speculative awards with spare points: As long as a program offers free cancelations, you can lock in current pricing and cancel if the trip won’t work out (or if a lower price comes along)
  • Don’t save more points than you can reasonably burn in the next n months: Saving points that will decrease in value probably isn’t fiscally sound, just like eating a tub of lard probably isn’t nutritionally sound. Ok, but what value should you use for n? It’s hard to say, but I think the half-life of devaluations is around 24 months with some medium variance
  • (A corollary to the prior item) Cash out excess points, especially those you can’t burn in the next n months: Cashed out points turn into cash, which: earns interest, can be invested, and can be used to buy more miles if you cashed out too many. It turns out, money is fungible

Good luck out there!

Next time on Tuesday Wisdom: Elmo’s airplane explains RASM.